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2019 (5) TMI 639

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..... ome Tax-I, Chandigarh v. M/s Vardhman Chemtech Private Limited, Chandigarh [2018 (10) TMI 1037 - PUNJAB AND HARYANA HIGH COURT] wherein the appeal filed by the revenue was dismissed. - ITA-254-2018 (O&M) - Dated:- 3-5-2019 - MR AJAY KUMAR MITTAL AND MRS MANJARI NEHRU KAUL, JJ. For The Appellant : Mr. Rajesh Katoch, Sr. Standing Counsel ORDER AJAY KUMAR MITTAL, J. 1. This appeal has been preferr .....

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..... iture even where tax payer in particular year has not earned any exempt income? (ii) Whether the impugned order dated 12.12.2017 passed by the Hon'ble ITAT is sustainable in the eyes of law and maintainable in the facts and circumstances of the case when the assessee has claimed interest expenditure in P&L account and has made investments, income arising on which is not includible in taxab .....

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..... lowance of expenditure in this regard. The Assessing Officer vide assessment order dated 18.3.2015 (Annexure A-I) made a disallowance of ₹ 32,17,309/- under Section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 (in short the Rules ) and added the same to the returned income of the assessee. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax .....

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..... ents of other High Courts. Hence, the present appeal by the revenue against the deletion of disallowance made under Section 14A of the Act. 3. We have heard learned counsel for the revenue. 4. It was not disputed by the learned counsel for the revenue that the aforesaid matter is covered by the judgment of this Court in ITA No. 322 of 2016 (Principal Commissioner of Income Tax-I, Chandigarh v. M/s .....

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